In a move towards making the idea of homeownership more accessible, Clark County has announced the launch of its inaugural Community Land Trust (CLT), targeting support for first-time buyers in the region. This innovative program grants these individuals the ability to own a home without the cost of the land it sits on—essentially, homeowners build equity in the structure, while the land remains under the trust’s ownership. This setup aims to maintain affordability in perpetuity for the community.
An initial offering of 240 homes is slated for construction through the CLT, specifically tailored for residents with incomes at or below 80% and 100% of the Area Median Income (AMI); this income bracket predominantly encompasses people who bring in between $50,000 and $95,000 annually—teachers chefs, truck drivers, and administrative professionals alike could see a path toward their own slice of equity according to a statement obtained by Clark County News.
Clark County Commissioner Marilyn Kirkpatrick expressed her enthusiasm about the project: “A Community Land Trust is not a new concept, but it is new to Clark County, and I am thrilled we are able to offer this program at such a critical time, when homeownership seems impossible for so many people,” Kirkpatrick told Clark County News. She also highlighted the inclusion this program promises for various professionals seeking to build equity as a first-time homeowner.
Commissioner Justin Jones also weighed in, emphasizing the impact on workers in the area, “Too many folks in Clark County are priced out of the American dream of homeownership and the CLT program is simply a way for us to help the everyday worker afford a home,” as Jones articulated his views to the team at Clark County News, reiterating that homeownership is an investment in their neighborhoods, and despite not owning the land, the homeowners will be responsible for the mortgages, property taxes, in a way which fosters pride of ownership.
People interested in the Community Land Trust can find details and register for an information session on the CLT website. Applications open next year.
